Need home insurance in South Australia? Here’s how you can find the best policy.
With a population of 1.7 million people, South Australia is home to beautiful natural scenery, a relaxed lifestyle and some of the best food and wine anywhere in the world.
According to the University of Melbourne’s 2016 HILDA Survey, almost 68% of adults in South Australia own a home. That’s a lot of people who need to shop around for the best home insurance cover to ensure that they will be financially protected against any unexpected disasters.
However, there are a lot of factors you need to consider before choosing a home insurance policy, so let’s take a closer look at how you can find the right home insurance in South Australia.
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Why do I need home insurance?
Once you’ve forked out a large sum of money to buy a home, purchasing home insurance can sometimes seem like an unnecessary extra expense. However, this type of cover is a good idea for the following reasons:
- Your home is your most valuable asset. You have invested hundreds of thousands of dollars to buy your home, and it’s vital that you protect that investment. Taking out home insurance will guarantee that you have a financial safety net in place if something goes wrong.
- Protect your contents as well. Home insurance is not just about insuring your building and fixtures. It’s also about insuring your personal belongings and household items.
- Expect the unexpected. Hopefully, you will never have to make a claim on your home insurance policy, but the fact remains that it is impossible to predict the future. From natural disasters and freak accidents to the actions of thieves and burglars, things can go wrong at any time. If you don’t have any home insurance cover, you won’t have any financial protection against those risks.
- Enjoy peace of mind. Once you’ve found the right home insurance policy, you don’t have to worry about unexpected disasters leaving you in financial ruin. Policies protect you against everything from fires and storms to vandalism and burglary, leaving you free to get on with your life without worrying about the future.
What should I consider when purchasing home insurance in South Australia?
If you’re hunting around for the right home insurance policy, it’s essential that you fully understand your cover requirements. Do you want standalone home insurance, contents-only cover or a combined home and contents policy? How much cover do you need?
You’ll also need to decide on the important risks that your policy must cover. For example, bushfires can pose a significant threat to properties in rural areas of South Australia, while cover for impact damage caused by falling trees may be essential for other homeowners.
Cover needs can vary greatly depending on whether you live in the country or the city as well as whether you live in a house or an apartment, so read the product disclosure statement (PDS) closely to make sure any policy you choose offers all the right benefits for you.
What type of home insurance can I get in South Australia?
South Australian homeowners can choose from three main types of insurance for their home:
- Home insurance. Sometimes referred to as building-only cover, standalone home insurance cover provides protection against a wide range of events, including fires, storms, theft, vandalism and more.
- Contents insurance. This type of policy insures your personal possessions and household items against fires, floods, storms, theft and more.
- Home and contents insurance. Home and contents insurances policies combine all the benefits of the two policies above into one complete package.
How much does home insurance cost in South Australia?
The following factors can all influence the cost of home insurance:
- Location. Homes in areas where there is a higher than normal rate of burglaries will be more expensive to insure than those in “safe” areas. Homes in flood-prone areas will also cost more to cover than those that aren’t at risk of flood.
- Your home and its features. The construction of your home will affect the cost of home insurance since specific building materials are more likely to resist damage and be cheaper to repair. The features of your home, such as a security alarm, will also have an effect.
- The cover you choose. The higher the level of cover, the more you will pay for your policy. Adding extra options to your policy will also increase your premiums.
- Discounts. You may be eligible for a loyalty discount, multi-policy discount or seniors’ discount from your insurer.
For a reliable indicator of how much your South Australian home insurance policy will cost, obtain and compare quotes from multiple insurers.
What insurers can I access in South Australia?
The vast majority of Australian home insurers offer their policies to homeowners Australia-wide. This means South Australian residents can access cover from any of the leading insurers found in the finder.com.au home insurance panel, including the following:
Are there any exclusions and additional costs I should be aware of in South Australia?
Before deciding whether a policy is right for you, make sure you take a close look at the PDS and its list of general exclusions. For example, no cover will be available in the following situations:
- If your claim is for damage from a bushfire within the first 72 hours of cover
- If you fail to keep your home in good condition
- If your home is being extensively renovated
- If you leave your home unoccupied for a period of 60 days or more
- If you fail to properly secure your home
It’s also important to be aware that stamp duty applies to South Australian home insurance premiums at a rate of 11%. Make sure you factor this cost into your calculations when working out how much cover you can afford.
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* The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Cheapest", 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.